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In order for our economy to thrive, people need to be supporting businesses.
When businesses dont generate enoughmoneyor revenue, that can feed into the possibility of a recession.
But many of us overdo it; we shop too much.
So, its important to be somewhat interrogative with ourselves ahead of a purchase.
Ask yourself these nine questions below before buying anything new.
you’re able to also check out someeveryday ways youre wasting money.
Do I Need This?
This question is budgeting 101. you better have a firm understanding of your needs versus your wants.
Needs are things like housing, utilities, groceries, healthcare and transportation things you literally cant go without.
This question is particularly pertinent if youre on a lean budget.
Is This a Good Investment?
Some buys may not be necessary, but they may be good investments.
A supplemental question to ask when discerning whether something is a good investment: Will it appreciate over time?
Could This Save Me Money in the Long Run?
Sometimes a purchase can save you money in the long run.
Will I Still Use It a Year Later (at Least)?
Heres a question that most commonly applies to items such asapparel, tech gadgetsand home decor.
you should probably ask yourself whether youll still use it in, at minimum, a year.
This is also a smart question to ask yourself when taking inventory of your belongings.
Can I Get It Used or Refurbished?
That shiny new iPhone or brand MacBook is oh-so-very appealing.
But do you really need this item in brand-spanking new condition?
Can I Borrow It?
Are you purchasing a new outfit for a wedding?
Or perhaps a tool for aDIY home renovation project?
Am I Only Buying It Because Its on Sale?
Asking yourself whether youre primarily buying something because its on sale is crucial.
Retailers are constantly rolling out discounts that are limited time only.
If its not, walk away.
Youll forget about it soon enough.
Will It Be Costly To Maintain?
Some purchases are pretty much one and done (example, an office desk).
Others, like a pellet stove, require regular maintenance.
Another example of something that requires maintenance?
Clothing that is dry-clean only.
Will I Take On Debt To Buy It?
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